Rupee weakens for sixth session, longest losing streak since May 2016

Mumbai: The Indian rupee on Monday weakened for the sixth consecutive session, its longest losing streak since May 2016, as foreign investors continued to liquidate in local equity and debt markets.

At 2.10pm, the home currency was trading at 66.36 against US dollar, down 0.37% from its Friday’s close of 66.11. The rupee opened at 66.22 and touched a low of 66.37 a dollar—a level last seen on 10 March 2017.

Since start of April, foreign institutional investors (FIIs) have sold nearly a combined $1.4 billion in equity and debt market on the worries of an increase in crude oil prices,which may lead to higher inflation and fiscal slippage.

Benchmark Sensex Index rose 0.45% or 155.88 points to 34,571.46 points. Year to date, its up 1%.

Yields on 10-year government bond stood at 7.722% from its previous close of 7.718%. Bond yields and prices move in opposite directions.

So far this year, the rupee has fallen 2.8%, while foreign investors have bought $1.53 billion and sold $613.40 million in equity and debt markets, respectively.

Asian currencies were trading lower. Taiwan dollar was down 0.31%, China Offshore 0.18%, Japanese yen 0.17%, South Korean won 0.14%, Philippines peso 0.09%, Singapore dollar 0.07% and Thai Baht 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 90.395, up 0.09% from its previous close of 90.316.livemint